Federal deficit hits $984 billion, on track to reach $1 trillion next year

The Week 1 month ago

President Trump's pledge to reduce the federal deficit isn't exactly working out.

The federal deficit has jumped from $779 billion in fiscal year 2018 to $984 billion in 2019, Treasury Secretary Steven Mnuchin revealed in a Friday statement. That's a 26 percent jump, and the deficit's highest point since it was coming down from the recession in 2012.

The deficit saw a massive jump as the recession kicked in from 2008 to 2009, and that number hasn't been replicated since. Still, the deficit has purely been on upward swing under Trump, and has only increased more dramatically since the 2017 Tax Cuts and Jobs Act was passed. The GOP tax package was expected to help push the deficit over $1 trillion by 2020, and now, that looks unavoidable.

That deficit growth completely bucks the several times Trump has promised to cut the federal deficit and national debt.


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Concord Monitor › 1 month ago
The federal deficit for the 2019 budget year surged to $984.4 billion, its highest point in seven years, and is widely expected to top the $1 trillion mark in coming years.The 26% surge from the 2018 deficit of $779 billion that the government reported...
CNBC › Finance › 1 month ago
The U.S. Treasury said that the federal deficit for 2019 was $984 billion, a 26% increase from 2018 but short of the $1 trillion mark.
The New York Times › Politics › 1 month ago
The federal deficit for the 2019 budget year surged to $984.4 billion, its highest point in seven years.
ABC News › Finance › 1 month ago
US federal budget deficit soars to $984 billion, its highest level in 7 years
Washington Examiner › 1 month ago
The federal deficit rose to $984 billion in fiscal year 2019, the Treasury Department estimated on Friday, an increase of $205 billion, or a 26%, from 2018.
Business Insider › Politics › 1 month ago
The federal deficit swelled to $984 billion in 2019, a 26% jump from last year, despite the nation's sustained economic growth. Deficits tend to fall when the economy is growing, given lower unemployment rates which helps bring in more tax dollars to...
The Hill › Politics › 1 month ago
The federal deficit for fiscal 2019 reached close to $1 trillion for the first time since 2012, according to final Treasury Department figures released Friday.In the final accounting, the deficit came in at $984 bi...
The New York Times › Politics › 1 month ago
The Treasury Department said the deficit, which came in at $984 billion, will top $1 trillion in 2020.
Chicago Tribune › Finance › 1 month ago
The federal deficit for the 2019 budget year surged to $984.4 billion, its highest point in seven years.
ABC News › Finance › 1 month ago
US federal budget deficit soars to $984 billion, its highest level in 7 years
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